As the market declines for meme coins, Shiba Inu, the second-largest, sees a 6% drop to $0.000015, giving it a market cap of $8.25 billion. This setback impacts the potential for a continued rally, raising concerns over its psychological support at $0.000010.
Shiba Inu Price Analysis
The Shiba Inu price chart indicates a significant recovery, with prices bouncing nearly 35% from March 11 to March 26, climbing from $0.000050 to $0.00001538. This uptrend surpassed the 200-EMA line on the 4-hour chart and showed positive movement in the MACD and signal lines, indicating a bullish crossover.
However, the price has faced a downturn and tested the 50% Fibonacci level, leading to negative MACD signals, which suggest a possible short-term sell-off. Nonetheless, a rounding bottom reversal pattern may signal a bullish continuation if market conditions stabilize.
Shiba Inu Gears Up For 20% Rally
The prospect of a 20% increase in Shiba Inu is reinforced by findings from BabyTraveler Crypto Analyst. They reference the inverse head-and-shoulders pattern spotted by crypto analyst Satori BTC, indicating a potential trend reversal.
The neckline of this pattern is at $0.0000134, suggesting the current pullback may serve as a retest for a bullish breakout. Additionally, recent data shows a 94.68% drop in the SHIB burn rate, potentially hindering long-term growth, with only 1.7 million tokens removed.
Overall, a successful retest and continuation of bullish momentum could lead to a 20% rally, targeting the psychological level of $0.000020.
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